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Single Currency Weakness Puts EUR/GBP at 18 Month Low

FOREX
  • Trading has been generally thin on the ground, with most currency markets respecting recent ranges amid a lack of macro catalysts. Germany's ZEW survey came in well below forecast, at 40.4 vs. Exp. 55.0 for the expectations component. This put the single currency under minor pressure, with the EUR/USD rate edging further through yesterday's lows.
  • JPY is the weakest currency in G10, helping USD/JPY rise closer to 110.50, although this hasn't filtered into stock markets which remain in a range.
  • GBP is the firmest DM currency so far, with the strength most evident in EUR/GBP which crosses at the lowest level since late February last year.
  • Once again, the data schedule is light, with US Nonfarm Productivity data and Unit Labor Costs the sole releases. Fed's Mester is scheduled to speak on inflation risks.
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